An amendment to Czech law implementing country-by-country (CbC) reporting has been published.
Under the new measures, all multinational entity groups with an annual consolidated turnover exceeding €750 million must file a CbC report containing information, with the information to be reported by countries and individual group companies. The CbC report must be filed by the parent company or an entity representing the group.
Czech entities that are part of multinational groups generally must mainly file a notification with the tax administration reporting which entity of the multinational group will submit the CbC report for the period ending before 31 October 2017. Czech entities must file this notification on or before 31 October 2017.
A decree accompanying the new amendment contains a CbC report template and instructions on its completion.
The tax administration also published a list of “frequently asked questions” (FAQs) confirming that permanent establishments and branches do not have to file either the notification or CbC report.
Read an October 2017 report prepared by the KPMG member firm in the Czech Republic
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